Fairmont hospital CEO quits in wake of bankruptcy
FAIRMONT, W.Va. -- Fairmont General Hospital President and CEO Robert Marquardt has resigned three weeks after the hospital filed for Chapter 11 bankruptcy protection, the hospital announced Tuesday.
The hospital's board of directors accepted Marquardt's resignation Monday night. Vice president for patient services Peggy Coster was appointed interim president and CEO.
A statement from the hospital didn't give a reason for Marquardt's departure.
The 207-bed hospital listed roughly equal amounts of debt and assets in its Sept. 3 bankruptcy filing. Fairmont General said it would try to restructure labor contracts and long-term debts to become more attractive to a potential business partner. Fairmont General has been looking for a strategic partner since December 2011.
Michael R. Lane, a managing director of Hammond Hanlon Camp LLC, will serve as the hospital's restructuring adviser.
Board Chairman Mike Martin said in the statement the board "is dedicated to continuing the important and urgent work of the Chapter 11 restructuring process with Peggy Coster and Mike Lane in positions of leadership. The board is committed to continuing to play an active role in this restructuring process and working closely with our [advisers] to maintain a high-quality acute care hospital here in Marion County."
The hospital was founded in 1939, and employs about 700 physicians, nurses and other personnel.